The Influence Of Financial Development On The Growth Of Green Total Factor Productivity

As one of the regions with the strongest comprehensive strength and the largest strategic support in China,the Yangtze River Economic Belt is one of the most important regional development strategies at the national level to promote the development of the Yangtze River Economic Belt.In the context of increasingly tight resource and environmental constraints,it is the only way for the Yangtze River Economic Belt to develop green by promoting the green total factor productivity(GTFP).As a capital support,financial development plays an important role in the growth of green total factor productivity and the innovation of green technology in the Yangtze River Economic Belt.This paper analyzes the influence of financial development on green factors from four aspects: the effect of financial agglomeration,the effect of capital allocation,the effect of supervision of enterprises and the effect of green finance.The mechanism of productivity growth and the effect of financial development on the growth of green all-factor productivity of the Yangtze Economic Belt have been studied.Firstly,this paper analyzes the spatial distribution of financial development in the Yangtze River Economic Belt by geographical quadrant bitmap,and finds out that the spatial distribution of financial development is unbalanced.Then the Global Malmquist-Luenberger index based on EBM model is used to measure the green total factor productivity(TFP)of the Yangtze River Economic Zone.The green TFP growth of the Yangtze River Economic Belt presents a U-shaped change trend as a whole.From the convergence point of view,there is no?-convergence and absolute ?-convergence in the Yangtze River economic belt and in the upper-middle-lower reaches,but there is significant conditional ?-convergence.Then,through the empirical test of the spatial Dubin panel model,the results are as follows:(1)The results show that the financial depth has an inhibitory effect on the growth of the GTFP in the economic belt of the Yangtze River,and the financial efficiency and the financial scale have promoted the growth of the GTFP in the Yangtze River economic belt.(2)From the development of the region,the financial efficiency of the downstream region promotes the growth of the GTFP by influencing the progress of the green technology,and the financial scale of the middle-upstream region promotes the growth of the GTFP by influencing the green technology efficiency.(3)The direct effect and spillover effect of the spatial Dubinin model show that the local financial development promotes the growth of the local GTFP,but the financial development in the adjacent regions has no significant effect on the growth of GTFP in the region.Finally,according to the research,it is proposed that(1)the Yangtze River Economic Belt should strongly promote the concept of green development,put the "two mountains theory" into practice,and construct the long-term mechanism of green development;(2)strengthen the positive role of financial deepening in promoting the growth of green total factor productivity,and create IPO green channel for enterprises with great green development potential;(3)to grasp the characteristics and spatial imbalance of the Yangtze River Economic Belt,strengthen the top-level system design of financial cooperation and basin co-governance,and promote the coordinated development of green total factor productivity(TFP).